I have known clients whom have spent 6 figure sums on domain names, who knows how much Elon spent on x.com and fb.com reportedly went for millions.
Believe it or not, onlyian.com cost me a tenner, for one simple reason, it was an available domain, it was unique, it wasn't an idea someone had already had, and it was unique to my thought process at the time.
It's now estimated to be over a thousand pounds.
My domain name is just seven letters long, and I'm aware of other brands that have pivoted away from their original business scope making their seven letter domain defunct, they were just to rigid with their name choice.
A domain name should be a vanity label, it should be an easy way for people to remember you.
In a study of the top 250 websites in the world, the average length of a domain name was 7–15 characters, while 177 domains (70%) had 8 characters or less.
My domain name is a portmanteau of Only, as in just one, and Ian, my name. The website will always ONLY be my blog site for personal use, so regardless of where my creative mind pivots, the name is always my brand, my vanity label.
It's not a vanity label that can expire with time, if I had things like developer.com or websites.com these name choices pigeon hole me into my direction, I don't want that.
All in all, think long and hard about your domain name choices, don't overspend, and be mindful and creative about name choices.